Stonington - The K-12 School Building Committee told the Board of Finance Wednesday night that it would cost about $40 million to renovate and expand two of the town's aging elementary schools.

The estimate came as the committee appeared before the finance board to request up to $50,000 to hire an architect to design the project. This would allow the town to seek partial state reimbursement and present the plan to voters for approval.

The finance board tabled a decision to support the $50,000 expenditure and send it to a town meeting vote until its November meeting.

While the finance board has opposed going forward with a project in the past, most recently in 2009 and 2011, because it did not want to add to the town's debt, members appeared to be much more receptive to the idea this time.

Part of that feeling is because Director of Finance Maryanna Stevens reported Wednesday night that the town would be able to bond about $25 million and still be within the debt limit that the bond rating agencies want the town to maintain.

The finance board prides itself on preserving the town's high rating because it makes it cheaper for the town to borrow money.

With the state reimbursement rate as much as 32 percent, the $25 million would be close to the town's share of the $40 million overall project. Committee member Paul Sartor said the $40 million preliminary figure seems high and could be reduced once an architect prepares the plans.

"No one wants to put the town in a precarious financial situation," said Sartor, who chaired the committee when it oversaw the $39 million high school project. "We think it's a good time to get the process started now. We think there is enough financial capacity to move forward. I would not have been able to say that two or three years ago."

The committee's preliminary plan calls for most of the work to be done at West Vine Street School, which would be renovated and expanded to also accommodate students from the 113-year-old West Broad Street School, which would close. Deans Mill School would also be upgraded.

The committee hopes to have voters approve the plan at a referendum next spring so it can submit an application for state reimbursement by June 30. The committee has discussed phasing the project over four or five years.

Finance board Chairman Glenn Frishman told committee members that voters will want to know what is going to happen with West Broad Street School when they are asked to vote on the plan.

j.wojtas@theday.com